Best Answer: Taxmaven has some great points. Since I have never had any dealings with Wachovia, I have no opinion about them. Anyway.
Pay a visit to www.bankrate.com. You should be able to find a credit card that will meet your needs. They list credit cards that offer low annual fees, those that have low interest rates, and all the requirements. If you have further questions, usually the contact information is listed.
Your buying/paying trends will normally dictate the type card you should get. If you pay your card off before the end of the month, a card with a low annual fee and high percentage rate would be good. If you are paying it off before the grace period ends, the interest rate won't even matter.
If you plan to carry a balance, try to get one with the lowest interest rate possible. Don't even pay attention to the 'INTRODUCTORY PERCENTAGE RATE'. This will end, and the REAL interest rate will kick in.
One way to build your credit is to get a loan, pay the monthly payments, and pay it off after 6 months, provided you get the loan for longer than 6 months. Another way is to get a prepaid credit card, or secured credit card. After a period of time of you managing your account without problems, most companies will then offer you a regular credit card. A low cap at first, and as you continue your good track record, increases will come periodically. Lastly, paying your bills on time over a
period of time will slowly increase your credit rating over time. Also, the entries that are 'staining' your report shoud fall off the back end after 7 years from the date the account is closed, and/or paid off.
Check your credit report at least once per year. You can get a free report annually for free, depending upon the state you live in. Applying for credit at stores, or for a card you KNOW you have no chance of getting is NOT a good way to get a free report. Once you are declined, they have to let you know and give you access to the credit report that was used in the decision to deny you credit. This is bad, because everytime you apply for credit it is attached to your credit report. Apply for to many in a short period of time sends up red flag. Your FICO score can sometimes decrease because of this.
One way to get around this is to get your own report, and allow the company you are applying for a loan/credit to view it. This should save them the time and expense of getting your report, but also you getting a 'hit' also. I would advise only doing this for local companies you might want to seek a loan/credit. This way you know who you allowed to see your report. Mailing it, there is no way of knowing who opened your letter or viewed your report.
Hope this helps, and good luck!
Airdale · 8 years ago